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The Abandonment of Progress

3 January, 2017
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Pisani-Ferry, Jean, (2017), “The Abandonment of Progress”, Project Syndicate, 2 January Margaret Thatcher and Ronald Reagan are remembered for the laissez-faire revolution they launched in the early 1980s. They campaigned and won on the promise that free-market capitalism would unleash growth and boost prosperity. In 2016, Nigel Farage, the then-leader of the UK Independence Party (UKIP) who masterminded Brexit, and US President-elect Donald Trump campaigned and won on a very …Read More

Library » EU » Politics » Opinion Articles

The Macroeconomic Effects of Official Debt Restructuring: Evidence from the Paris Club

3 January, 2017
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Cheng, Gong, Diaz-Cassou, Javier, Erce, Aitor, (2016), “The Macroeconomic Effects of Official Debt Restructuring: Evidence from the Paris Club”, ESM Working Paper 21, 29 December This paper presents new empirical results on the macroeconomic impact of sovereign debt restructurings with official-sector creditors. Using a novel dataset on Paris Club restructurings and Local Projection methods, we find that Paris Club treatments can have a significant impact on economic growth — 2% …Read More

Library » EU » Economy » Scientific Articles

Will Europe Let Germany Lead?

28 December, 2016
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Fratzscher, Marcel, (2016), “Will Europe Let Germany Lead?”, Project Syndicate, 27 December The United Kingdom’s Brexit vote, Italian Prime Minister Matteo Renzi’s referendum defeat and subsequent resignation, and Donald Trump’s election as President of the United States have created a power vacuum in the West, and in Europe. At a time when Europe needs to make important collective economic and foreign-policy decisions, domestic issues are preoccupying larger European Union member …Read More

Library » EU » Politics » Opinion Articles

The Crisis of Market Fundamentalism

27 December, 2016
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Kaletsky, Anatole, (2016), “The Crisis of Market Fundamentalism”, Project Syndicate, 23 December The biggest political surprise of 2016 was that everyone was so surprised. I certainly had no excuse to be caught unawares: soon after the 2008 crisis, I wrote a book suggesting that a collapse of confidence in political institutions would follow the economic collapse, with a lag of five years or so. We’ve seen this sequence before. The …Read More

Library » EU » Politics » Opinion Articles

Pension Reforms in the EU since the Early 2000’s: Achievements and Challenges Ahead

27 December, 2016
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Carone, Giuseppe, Eckefeldt, Per, Giamboni, Luigi, Laine, Veli, Pamies Sumner, Stéphanie, (2016), “Pension Reforms in the EU since the Early 2000’s: Achievements and Challenges Ahead”, European Commission, 23 December Most EU Member States have carried out substantial pension reforms over the last decades in order to enhance fiscal sustainability, while maintaining adequate pension income. The intensity of pension reforms has been particularly strong since 2000. These reforms have been implemented …Read More

Library » EU » Economy » Scientific Articles

Economists versus the Economy

27 December, 2016
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Skidelsky, Robert, (2016), “Economists versus the Economy”, Project Syndicate, 23 December Let’s be honest: no one knows what is happening in the world economy today. Recovery from the collapse of 2008 has been unexpectedly slow. Are we on the road to full health or mired in “secular stagnation”? Is globalization coming or going? Policymakers don’t know what to do. They press the usual (and unusual) levers and nothing happens. Quantitative …Read More

Library » EU » Economy » Opinion Articles

Measuring fiscal spillovers in EMU and beyond: A Global VAR approach

23 December, 2016
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Belke, Ansgar, Osowski, Thomas, (2016), “Measuring fiscal spillovers in EMU and beyond: A Global VAR approach”, CEPS, 16 December This paper empirically identifies and measures fiscal spillovers in the EU countries using a global vector autoregression (GVAR) model. Our aim is to look at the sign and the absolute values of fiscal spillovers in a country-wise perspective and at the time profile (impulse response) of the impacts of fiscal shocks. …Read More

Library » EU » Economy » Scientific Articles

How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash

23 December, 2016
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Forbes, Kristin, Reinhardt, Dennis, Wieladek, Tomasz, (2016), “How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash”, VoxEu, 23 December Globalisation is in retreat, but while the slowdown in trade is widely recognised, what is more striking is the collapse of global trade flows. This column shows how banking deglobalisation is a substantial contributor to the slowdown in global trade. It finds that certain types …Read More

Library » EU » Economy » Opinion Articles

Is the UK’s role in the European supply chain at risk?

22 December, 2016
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García-Herrero, Alicia, Xu, Jianwei, (2016), “Is the UK’s role in the European supply chain at risk?”, Bruegel, 20 December Over the past decades the UK economy has become a party to global production chains in a number of sectors. Benefiting from tremendous investment by many of the world’s major multinational corporations, the UK has become an export leader, especially for automobiles and pharmaceutical products. We ask whether the UK’s engagement in …Read More

Library » EU » Economy » Policy Papers

A radical cure for Italy’s banking problems: A combination of good banks and soft bail-in

21 December, 2016
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Gros, Daniel, Pieter de Groen, Willem, (2016), “A radical cure for Italy’s banking problems: A combination of good banks and soft bail-in”, CEPS, 20 December Italian banks are in a precarious situation, burdened by non-performing loans (NPLs) that are almost of the same magnitude as their capital and provisions. The gradual approach of dealing with NPLs via more provisioning and some sales has yielded little results. The political crisis now gives an …Read More

Library » EU » Economy » Policy Papers